New mandate: New all-Omani executive line-up announced at Energy Development Oman
Haifa al Khaifi (pictured), one of the most influential women in the region’s energy and finance sectors, has been named Chief Executive Officer of Energy Development Oman (EDO), the new holding company established late last year with the mandate to, among other things, represent the government’s stake in Petroleum Development Oman (PDO), the largest oil and gas producer in the Sultanate.
Haifa, the longstanding Finance Director of PDO, moves to EDO at the helm of a new Omani executive line-up drawn primarily from PDO, but also from Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman.
Other appointments include: Moutaz al Riyami, currently PDO’s Gas Director who joins EDO as Chief Strategy and Commercial Officer; Ibrahim al Eisri, who moves out of Oman Investment Authority as Chief Financial Officer of EDO; Ibrahim al Waili, PDO Planning and Deal Lead, who moves to EDO as Corporate Planning and Services Officer; and Saif al Harthy, PDO’s Finance Controller, who is appointed as Board Secretary at EDO.
Congratulating the new line-up, PDO Managing Director Raoul Restucci said: “It is a great source of pride that key appointments are from PDO, and they will no doubt steer the new company into fulfilling its mandate while at the same time supporting PDO double-hatting in their current roles for as long as possible.
“We look forward to the multiple growth opportunities that the creation of EDO will bring about, including the opportunity to broaden PDO’s remit beyond its current mandate and exploit news area of value creation for Oman.”
EDO was instituted by a Royal Decree on December 6, 2020 as an Omani joint stock company to invest in conventional as well as renewable and alternative energy resources within and outside the Sultanate.
Its most significant asset is the government’s 60 per cent shareholding in Petroleum Development Oman (PDO).
Consequently, EDO also now owns an interest in the prolific Block 6 licence currently held by PDO and which contributes the bulk of the country’s hydrocarbon production.
EDO’s first task, as spelt out by the Ministry of Finance in the 2021 State Budget, is to raise RO 1.3 billion towards oil and gas related projects and initiatives for the current fiscal year.
The wholly government-owned holding company has also been tasked with overseeing the collection of oil and gas revenue, payment of all capex and opex associated with the annual production of hydrocarbons, and the overall development of the oil and gas sector.
Her appointment as the first Chief Executive Officer of Energy Development Oman caps Haifa’s stellar professional career spanning three decades during which she held senior leadership, executive management and operational roles in PDO, among other prestigious corporate organisations.
Haifa has also been featured in Forbes’ list of most influential women in the Middle East.
CONRAD PRABHU
@conradprabhu
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